Job Costing Accounting Assignment Essay
Order ID:89JHGSJE83839 Style:APA/MLA/Harvard/Chicago Pages:5-10 Instructions:
Job Costing Accounting Assignment Essay
Assignment Question(s): (Marks 10)
Q1. Explain how job costing is used in service sectors and manufacturing sectors? Provide examples by citing one job costing example of the service sector and one example of the manufacturing sector of a Saudi company to support your answers. (CH 5, 2 Marks)
Answer:
Q2. Axel Ltd. uses a process costing system for its sole processing department. There were 24,000 units in beginning WIP inventory for March and 216,000 units were started in March. The beginning WIP units were 75% complete and the 19,500 units in ending WIP were 60% complete. All materials are added at the start of processing.
(CH 6, 3 Marks)
Required:
Compute the no. of units started & completed.
Compute the EUP for DM and CC using FIFO and WA methods.
Calculate total manufacturing cost/EUP under both methods, if the following details are available:
FIFO
WA
Direct Material Cost
SAR 700,000
SAR 910,000
Conversion Cost
SAR 920,000
SAR 1,210,000
Answer:
Q 3 DD Company has two departments, Dept. A and Dept. You are provided the following costs for five activities that occur at the manufacturing plant every month:
(CH 7, 2 Marks)
Activity
Total Costs (SAR)
Total number ofunits of Cost Driver
Material handling
315,000
450,000 parts
Supervision of direct labor
180,000
110 employees
Janitorial and cleaning
250,000
5,500 hours
Machining
350,000
8,500 machine hours
Total costs
1,095,000
The above activities are used by the two departments as follows:
Department A
Department B
Material handling
220,000 parts
230,000 parts
Supervision of direct labor
65employees
45 employees
Time spent cleaning
2,500 hours
3,000 hours
Number of machine hours
6,000 machine hours
2,500 machine hours
How much of the material handling cost will be allocated to Department A?
What is the ABC allocation rate for supervision of direct labor?
Answer:
Q 4. T&T produces product ‘X’ as a part of its main product. Each year, the company produces 75,000 units of product ‘X’. The costs of production are mentioned below. An outside supplier has offered to deliver 75,000 units of product ‘X’ annually at a cost of $7.35 per unit. A fixed production cost of $ 120,000 is unavoidable for product ‘X’. Should T&T Co. make or buy product ‘X’?
(CH 4, 2 Marks)
The production costs per unit for manufacturing a unit of product B are:
Production Cost
Amount ($)
Direct Materials
2.55
Direct Labor
1.95
Variable Manufacturing Overhead
1.20
Answers:
Q5. “ABC is a costing method that allocates overhead and indirect costs to related products and services.” Comment on this statement and examine how ABC is used in the manufacturing sector with a suitable example. (CH 7, 1 Mark)
Answer:
RUBRIC
Excellent Quality
95-100%
Introduction 45-41 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Literature Support
91-84 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Methodology
58-53 points
Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score
50-85%
40-38 points
More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.
83-76 points
Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.
52-49 points
Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality
0-45%
37-1 points
The background and/or significance are missing. No search history information is provided.
75-1 points
Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.
48-1 points
There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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Job Costing Accounting Assignment Essay